Gevo Inc (GEVO) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Gevo, Inc. third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Gevo 公司 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker for today, Eric Frey, Vice President of Finance and Strategy. Eric, you may begin.

現在我謹將會議交給今天的演講嘉賓，財務與策略副總裁艾瑞克‧弗雷。艾瑞克，你可以開始了。

Good afternoon, everyone, and thank you for joining us on today's call to discuss Gevo's third-quarter 2025 results. I'm Eric Frey, Vice President of Finance and Strategy at Gevo. With me today, we have Patrick Gruber, our Chief Executive Officer; Leke Agiri, our Chief Financial Officer; Chris Ryan, our President and Chief Operating Officer; and Paul Bloom, our Chief Business Officer.

各位下午好，感謝各位參加今天的電話會議，共同討論Gevo 2025年第三季業績。我是Gevo公司的財務與策略副總裁Eric Frey。今天與我一起出席的有：執行長 Patrick Gruber；財務長 Leke Agiri；總裁兼營運長 Chris Ryan；以及首席商務長 Paul Bloom。

Earlier today, we issued a press release that outlines our third-quarter 2025 results and some of the topics we plan to discuss. A copy of the press release is available on our website at www.gevo.com. Please be advised that our remarks today, including answers to your questions, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated.

今天早些時候，我們發布了一份新聞稿，概述了我們 2025 年第三季的業績以及我們計劃討論的一些主題。新聞稿副本可在我們的網站 www.gevo.com 上查閱。請注意，我們今天的發言，包括您問題的回答，包含《私人證券訴訟改革法案》所界定的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與目前預期結果有重大差異。

Those statements include projections about the timing, development, engineering, financing, and construction of our Alcohol-to-Jet Projects, our future carbon credit sales, our Gevo North Dakota and RNG plants, and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference. We disclaim any obligation to update these forward-looking statements.

這些聲明包括對我們「酒精製航空煤油項目」的時間表、開發、工程、融資和建設、我們未來的碳信用額銷售、我們的北達科他州 Gevo 工廠和 RNG 工廠以及我們在提交給美國證券交易委員會的文件中描述的其他活動的預測，這些文件已通過引用併入本文。我們不承擔更新這些前瞻性聲明的任何義務。

In addition, we may provide certain non-GAAP financial information on this call. The relevant definitions and GAAP reconciliations may be found in our earnings release, which can be found on our website at www.gevo.com in the Investor Relations section.

此外，我們可能會在本次電話會議上提供某些非GAAP財務資訊。相關定義和 GAAP 調節表可在我們的獲利報告中找到，該報告可在我們網站 www.gevo.com 的投資者關係部分找到。

Following the prepared remarks, we'll open the call for questions. I'd like to remind everyone that this conference call is open to the media, and we're providing a simultaneous webcast to the public. A replay of this call and other past events will be available via the company's Investor Relations page at www.gevo.com.

在發言結束後，我們將開放提問環節。我想提醒大家，這次電話會議對媒體開放，同時我們也向公眾提供網路直播。本次電話會議及其他過往活動的錄音回放將透過公司投資者關係頁面 www.gevo.com 提供。

I'd now like to turn the call over to the CEO of Gevo, Patrick Gruber. Pat?

現在我想把電話交給 Gevo 的執行長 Patrick Gruber。拍？

Thanks, Eric. What a change we've had. The acquisition of our ethanol plant, carbon capture plant, and Class VI sequestration wells turning out even better than we imagined. All of this is located at Gevo North Dakota, or GND, as we refer to it internally, and it's all operating really well. We've learned that our carbon sequestration well is unusual because, a, it has a Class VI sequestration well that's been operating since June of 2022; b, we are the only ones using the formation of our well, and that simplifies the auditing and such; and c, it's in an unusually good geology.

謝謝你，埃里克。我們經歷了多麼巨大的改變啊！我們收購的乙醇廠、碳捕獲廠和 VI 級封存井的效果甚至比我們想像的還要好。所有這些都位於北達科他州格沃（Gevo North Dakota），或者我們內部稱之為 GND，而且一切運作良好。我們了解到，我們的碳封存井很不尋常，因為：a，它是一口自 2022 年 6 月以來一直在運行的 VI 級碳封存井；b，我們是唯一使用該井地層的人，這簡化了審計等工作；c，它的地質條件異常良好。

In fact, a European certification group, Puro.Earth, which is owned primarily by Nasdaq, certified our well as a 1,000-year performance well. We understand that we're the only alcohol production site in the world so far with this certification. Also, I must say that North Dakota is an outstanding state in which to do business and grow. It's pro-agriculture and pro-energy business environment. So we fit in really well. Great assets combined with a great business environment, combined with growing markets, I believe, leads to great opportunities for growth and making money. That's what's in front of us.

事實上，一家主要由納斯達克控股的歐洲認證機構 Puro.Earth 認證我們的油井為一口可使用 1000 年的油井。我們了解到，目前為止，我們是世界上唯一獲得此認證的酒精生產企業。另外，我必須說，北達科他州是一個非常適合經商和發展的州。這是一個有利於農業和能源產業的商業環境。所以我們相處得很好。我認為，優質的資產、良好的商業環境以及不斷成長的市場，將帶來巨大的成長和賺錢機會。這就是我們眼前面臨的情況。

At Gevo, we have long believed that carbon is an important co-product that if we can monetize the value for carbon, we can unlock economics for growth products like jet fuel. We are pleased to find out that we can, in fact, monetize carbon value through a variety of methods that Paul Bloom, our Chief Business Officer, will explain in a few minutes. In our business model, we view selling carbon as a key initiative.

在 Gevo，我們一直認為碳是一種重要的副產品，如果我們能夠將碳的價值貨幣化，我們就可以釋放航空燃料等成長型產品的經濟潛力。我們很高興地發現，我們實際上可以透過多種方法將碳價值貨幣化，我們的首席商務官保羅布魯姆將在幾分鐘後對此進行解釋。在我們的商業模式中，我們將出售碳排放權視為一項關鍵舉措。

On a separate and unrelated front, we are learning how to generate and sell production tax credits. These credits are based on the volume of ethanol produced and the carbon intensity score of that ethanol. Because we have a very efficient ethanol plant with a carbon capture and sequestration well beneath it, we can achieve very low CI scores utilizing the rules of Section 45Z of the One Big Beautiful Bill.

另外，我們正在學習如何產生和出售生產稅收抵免。這些積分是根據乙醇的產量和該乙醇的碳強度評分計算的。由於我們擁有一座非常高效的乙醇工廠，其下方設有碳捕獲和封存設施，因此我們可以利用《一個美好的大法案》第 45Z 條的規定，實現非常低的 CI 分數。

Leke Agiri, our CFO, will give more color on this topic in a few minutes, but I can't hold back. I am just so pleased that we sold all of our credits for 2025 production for a total of $52 million worth of credits. I got to say, we have a lot of learning to do about this, too, lots of auditing, lawyers, insurance people to make these deals as bulletproof as possible.

我們的財務長 Leke Agiri 將在幾分鐘後對此主題進行更詳細的闡述，但我忍不住要說幾句。我非常高興我們把 2025 年的所有電影配額都賣掉了，總共賣出了價值 5,200 萬美元的配額。我必須說，我們在這方面也有很多東西要學習，需要大量的審計、律師和保險人員的幫助，才能讓這些交易盡可能萬無一失。

When we start adding up the potential adjusted EBITDA from selling carbon, generating tax credits, making more ethanol, using more of the well, we can see a picture for GND where we could potentially generate more than $100 million a year of adjusted EBITDA just from that site. Get this. This is all without deploying any large capital projects or building a jet fuel plant.

當我們開始計算出售碳、產生稅收抵免、生產更多乙醇、利用更多油井等帶來的潛在調整後 EBITDA 時，我們可以看到 GND 的前景，僅從該地點，我們就有可能每年產生超過 1 億美元的調整後 EBITDA。拿這個。這一切都是在沒有部署任何大型資本項目或建造航空燃料工廠的情況下實現的。

Now the question is how best to go about it. Obviously, we're going to go for the low-hanging fruit first, like incremental expansions of CO2 volume driven by incremental ethanol expansion and by optimizing which markets we place our carbon credit products in. It's all pretty exciting. If you haven't seen our recent investor deck, please go take a look at it. It spells out more clearly what we're thinking.

現在的問題是如何才能最好地實現這一點。顯然，我們將首先著手容易實現的目標，例如逐步擴大乙醇產量來逐步擴大二氧化碳排放量，以及優化碳信用產品進入市場。這一切都太令人興奮了。如果您還沒有看過我們最近準備的投資者演示文稿，請去看一下。它更清楚地表達了我們的想法。

When we meet with investors and they see what we're doing at GND, they suggest that we should figure out how to use more of the well, produce more ethanol to improve the adjusted EBITDA base. And then, of course, get on with getting the jet plant built. GND provides an outstanding platform from which to grow. It's obvious when people see what we're doing.

當我們與投資者會面，他們看到我們在 GND 所做的事情時，他們建議我們應該想辦法更多地利用油井，生產更多的乙醇，以提高調整後的 EBITDA 基礎。然後，當然，接下來就要著手建造噴射機工廠了。GND 提供了一個絕佳的成長平台。人們看到我們正在做的事情，一切都顯而易見。

GND does, in fact, present a great site to build a jet fuel plant. We have ethanol feedstock, great farmers to supply the ethanol plant, carbon sequestration, an industrial complex that's already built. And so now adding a jet fuel plant is incremental. It makes a lot of sense. When we look forward, we think that adding a 30 million gallon jet fuel plant would add an additional adjusted EBITDA uplift of about $150 million to the site. Think of that.

事實上，GND 確實是個建造航空燃料工廠的絕佳地點。我們擁有乙醇原料、能為乙醇廠供應原料的優秀農民、碳封存技術，以及一座已建成的工業複合體。因此，現在增加一座航空燃料工廠是逐步進行的。這很有道理。展望未來，我們認為，增加一座年產 3,000 萬加侖的航空燃料工廠將為該廠址帶來約 1.5 億美元的調整後 EBITDA 成長。想想看。

We recently were notified by the Department of Energy that they consider shifting their loan guarantee to Gevo North Dakota from South Dakota. I suspect they see the same things we do. Infrastructure already exists. The plants that are there make money and we can build upon that, and we'll be working with them to sort it all out, taking advantage of what we learned from our ATJ-60 project. I hope to get the financing for the ATJ-30 plant closed sometime mid-2026.

我們最近收到能源部的通知，他們正在考慮將貸款擔保從南達科他州轉移到北達科他州。我懷疑他們看到的和我們看到的一樣。基礎設施已經存在。那裡的工廠能賺錢，我們可以以此為基礎發展，我們將與他們合作解決所有問題，並利用我們從 ATJ-60 專案中學到的經驗。我希望能在 2026 年中完成 ATJ-30 工廠的融資。

Chris Ryan, our President and Chief Operating Officer, will talk about the operations of GND and our RNG facility, then give an update on where we are with the ATJ-30 project, giving color to the growth plan and cost.

我們的總裁兼營運長克里斯·瑞安將談談 GND 的營運情況和我們的 RNG 設施，然後介紹 ATJ-30 專案的進展情況，詳細闡述成長計劃和成本。

Okay. I've talked enough. I'll turn it over to my team, Leke.

好的。我已經說得夠多了。我會把它交給我的團隊，萊克。

Thanks, Pat. We are pleased to have delivered another quarter of improved financial performance. Now here are the numbers.

謝謝你，帕特。我們很高興連續第二季實現了財務表現的改善。以下是具體數字。

We ended the quarter with $108 million in cash, cash equivalents and restricted cash. During the quarter, combined operating revenue, interest and investment income was $43.6 million. Our loss from operations was $3.7 million, and our non-GAAP adjusted EBITDA was a positive $6.6 million. Gevo North Dakota generated income from operations of $12.3 million, and a positive non-GAAP adjusted EBITDA of $17.8 million. Gevo RNG generated income from operations of $0.5 million and positive non-GAAP adjusted EBITDA of $2.7 million. Net loss per share attributable to Gevo was $0.03 per share for the third quarter.

本季末，我們持有現金、現金等價物和受限現金共 1.08 億美元。本季度，營業收入、利息和投資收益合計為 4,360 萬美元。我們的營運虧損為 370 萬美元，非 GAAP 調整後的 EBITDA 為正 660 萬美元。Gevo North Dakota 的營業收入為 1,230 萬美元，非 GAAP 調整後的 EBITDA 為 1,780 萬美元。Gevo RNG 的營運收入為 50 萬美元，非 GAAP 調整後的 EBITDA 為 270 萬美元。第三季歸屬於Gevo的每股淨虧損為0.03美元。

Just as a reminder to everyone, last year, our third-quarter revenue was approximately $2 million. This year's third-quarter revenue was approximately $43 million or an increase of approximately $41 million. Last year, our third-quarter adjusted EBITDA was approximately negative $16.7 million. This year, third-quarter adjusted EBITDA was approximately $6.6 million or an increase of approximately $23 million.

再次提醒大家，去年第三季我們的營收約 200 萬美元。今年第三季營收約 4,300 萬美元，比上年同期成長約 4,100 萬美元。去年第三季度，我們調整後的 EBITDA 約為負 1,670 萬美元。今年第三季調整後 EBITDA 約為 660 萬美元，比去年同期增加了約 2,300 萬美元。

A key driver for our improved financial performance continues to be Gevo North Dakota, which is now a core earnings engine for us. This site is demonstrating reliable energy production, efficient carbon capture, and consistent monetization of clean fuel production credits, or Section 45Z tax credits, which are based on production volumes we generate and carbon intensity score. We're also successfully selling voluntary carbon credits to customers who value verified carbon removal.

Gevo North Dakota 仍然是我們財務表現改善的關鍵驅動力，它現在是我們的核心獲利引擎。該網站展示了可靠的能源生產、高效的碳捕獲以及清潔燃料生產積分（或第 45Z 節稅收抵免）的持續貨幣化，這些積分基於我們產生的產量和碳強度評分。我們也成功地向重視經過核實的碳移除的客戶出售自願性碳信用額度。

After the end of the quarter, we completed the sale of our remaining 2025 Section 45Z clean fuel production credit from Gevo North Dakota, bringing our total contracted sale for the year to $52 million of credit. We also received net proceeds of approximately $29 million so far. We expect to bring in the rest of the cash over the next quarter or two. We just need to get our carbon into the ground first.

季度結束後，我們完成了從北達科他州 Gevo 公司出售剩餘的 2025 年第 45Z 節清潔燃料生產信用額度，使我們今年的合約銷售總額達到 5,200 萬美元信用額度。到目前為止，我們還收到了約 2,900 萬美元的淨收益。我們預計將在未來一、兩個季度內籌集到剩餘資金。我們首先需要把碳排放到地下。

We generate production tax credit based on two key metrics: our production volumes and our carbon intensity score. Our score reflects how we manage energy usage at our plants, the amount of carbon we sequester, and other operational factors as measured under the Section 45Z methodology. In order to deliver the credits to customers and bring the associated cash in, we need to generate the credits first.

我們根據兩個關鍵指標來計算生產稅收抵免：我們的產量和我們的碳強度評分。我們的得分反映了我們如何管理工廠的能源使用、我們固碳的數量以及其他營運因素，這些因素均按照第 45Z 條方法進行衡量。為了向客戶發放信用額度並收取相關現金，我們需要先產生信用額度。

However, when we produce a gallon of ethanol, the value of the related credit is applied to our cost of goods sold. So this creates a timing difference between what we see on the income statement versus when the cash comes in. One way to think of it is that our cash flow from operations can temporary lag our adjusted EBITDA performance. We view this as a normal aspect of the tax credit monetization cycle.

但是，當我們生產一加侖乙醇時，相關的信貸價值將計入我們的銷售成本。因此，這就造成了損益表上顯示的金額與實際現金流入時間之間的差異。換個角度來看，我們的經營活動現金流可能會暫時落後於調整後的 EBITDA 表現。我們認為這是稅收抵免貨幣化週期中的正常環節。

As we move forward, we expect our operating cash flows to normalize and trend towards breakeven or better in the coming quarters. An additional point I can't forget to mention and it's important, is our tax credit sales continue to be backed by a tax insurance policy, which mitigates much of the residual risk of this credit transfer transaction. Taken together, these steps, positive adjusted EBITDA generation, recurring monetization of 45Z tax credit, and a credible pathway to breakeven operating cash flow positions us for steadily improving cash generation and financial flexibility.

隨著業務的推進，我們預計未來幾季我們的經營現金流將趨於正常化，並有望實現損益平衡或更好。還有一點我不能忘記提及，而且這一點很重要，那就是我們的稅收抵免銷售仍然有稅收保險單的支持，這大大降低了這種抵免轉讓交易的剩餘風險。綜合來看，這些措施、正的調整後 EBITDA 生成、45Z 稅收抵免的持續變現以及實現盈虧平衡經營現金流的可靠途徑，使我們能夠穩步提高現金生成能力和財務靈活性。

Now I will hand it over to Paul. Paul?

現在我把它交給保羅。保羅？

Thanks, Leke. One of the most exciting parts of our progress this year is how we're capturing and optimizing the value of our carbon dioxide co-product, which is approximately 165,000 tonnes per year that we are sequestering at our CCS site in North Dakota. During Q3, roughly 90% of all the carbon benefits associated with our CO2 sequestration remained attached to ethanol gallons and were sold into low-carbon fuel markets.

謝謝你，萊克。今年我們取得的進展中最令人興奮的部分之一是我們如何捕捉和優化二氧化碳副產品的價值，我們每年在北達科他州的 CCS 基地封存約 165,000 噸二氧化碳。第三季度，我們二氧化碳封存所帶來的所有碳效益中，約有 90% 仍與乙醇加侖相關聯，並銷往低碳燃料市場。

We are seeing strong values in select low-carbon fuel markets and look to take advantage of those where we have active pathways that include CCS. Going forward, we are applying for more pathway approvals in low-carbon fuel markets that include CCS, allowing Gevo optionality to target those markets with the highest returns.

我們看到部分低碳燃料市場具有強勁的價值，並希望利用這些市場，尤其是在我們擁有包括碳捕獲與封存（CCS）在內的積極發展路徑的情況下。展望未來，我們將申請更多低碳燃料市場（包括碳捕獲與封存）的路徑批准，使 Gevo 可以選擇瞄準那些回報最高的市場。

More importantly, we are expanding the portion of our carbon value derived from CCS that we separate from the fuel and sell into the carbon dioxide removal, or CDR credit markets. Our recent $26 million five-year agreement with Biorecro for carbon dioxide removal credits is a prime example of this growth. In addition, earlier this year, we were featured in Nasdaq's corporate sustainability report as one of their suppliers of high-integrity durable carbon dioxide removal credits. This is great recognition, and we believe it shows that major corporations are looking for the high-integrity carbon removal credits that Gevo can provide.

更重要的是，我們正在擴大從碳捕獲與封存 (CCS) 中獲得的碳價值比例，並將這些碳價值從燃料中分離出來，出售到二氧化碳去除 (CDR) 信用市場。我們最近與 Biorecro 達成的價值 2,600 萬美元的五年期二氧化碳去除額度協議，就是這一增長的絕佳例證。此外，今年早些時候，我們作為高誠信、耐用的二氧化碳去除信用額度供應商之一，被列入納斯達克的企業永續發展報告。這是莫大的認可，我們相信這表明大型企業正在尋求 Gevo 能夠提供的高品質碳清除信用額度。

We think the high durability and quality of our carbon dioxide removal credits are critical components of the credit value and market acceptance. We anticipate our CDR sales will continue to grow from $1 million in the second quarter to $3 million to $5 million by the end of 2025. We expect this business to keep growing in years to come, backed by a combination of spot sales and multiyear agreements.

我們認為，我們二氧化碳去除信用額度的高耐久性和高品質是信用額度價值和市場接受度的關鍵組成部分。我們預計，到 2025 年底，我們的 CDR 銷售額將從第二季的 100 萬美元成長到 300 萬美元至 500 萬美元。我們預計，在未來幾年裡，這項業務將持續成長，這得益於現貨銷售和多年協議的結合。

Our CDR credits are certified under the Puro.Earth standard, which we believe is becoming one of the leading frameworks for corporate buyers. When you buy our carbon credits, the CO2 has already been verified as being sequestered over a mile underground in the appropriate geological formation where it mineralizes over time and is rated to remain secure for at least 1,000 years.

我們的 CDR 信用額度已通過 Puro.Earth 標準認證，我們相信該標準正在成為企業買家的領先框架之一。當您購買我們的碳信用額度時，其中的二氧化碳已被證實封存在地下超過一英里的適當地質構造中，隨著時間的推移，二氧化碳會礦化，並被評定為至少可安全保存 1000 年。

We also believe our ability to produce and deliver high-integrity credits to the market today is a differentiator for Gevo. According to the reporting platform, CDR.fyi, that focuses on the durable carbon credit removal market, approximately 38.5 million metric tonnes of carbon dioxide removal credits have been sold, but only 2.5% of these have actually been delivered. We think this puts Gevo in a unique position of being able to produce and deliver credits today, while others are still working to activate their projects in this growing global market that we understand has a total value exceeding $10 billion.

我們也認為，我們目前能夠生產並向市場提供高品質信用額度，是 Gevo 的獨特優勢。據專注於持久碳信用移除市場的報告平台 CDR.fyi 稱，已售出約 3850 萬噸二氧化碳移除信用額度，但實際交付量僅佔其中的 2.5%。我們認為，這使得 Gevo 處於獨特的地位，能夠在今天生產和交付信用額度，而其他公司仍在努力激活其在這個不斷增長的全球市場中的項目，據我們了解，該市場的總價值超過 100 億美元。

We believe the ability to detach the carbon value from the commodity fuel is unique and powerful because it allows us to serve the market more efficiently. This approach also aligns with our planned synthetic aviation fuel business. For example, the agreement we signed with Future Energy Global, or FEG, in April demonstrates our intentions to offer customers more choices and improve service by selling voluntary carbon credits separately from our commodity jet fuel.

我們認為，將碳價值從商品燃料中分離出來的能力是獨特且強大的，因為它使我們能夠更有效地服務市場。這種方法也符合我們計畫中的合成航空燃料業務。例如，我們在 4 月與 Future Energy Global（簡稱 FEG）簽署的協議表明，我們有意透過向客戶提供更多選擇並改善服務的方式，將自願性碳信用與我們的商品航空燃料分開銷售。

Since it will take time for SAF to be available at major airports worldwide, our agreement with FEG will allow airlines and corporate customers to purchase carbon credits from FEG, which have been separated from the physical fuel we produce to offset their emissions through a book and claim approach. And of course, we believe all of this will be better enabled by Verity, our digital carbon tracking and verification platform, to deliver the proof customers need while avoiding double counting.

由於 SAF 需要時間才能在全球主要機場普及，我們與 FEG 的協議將允許航空公司和企業客戶從 FEG 購買碳信用額度，這些碳信用額度已與我們生產的實體燃料分離，可透過預訂和索賠的方式抵消他們的排放。當然，我們相信，Verity（我們的數位碳追蹤和驗證平台）將更好地實現這一切，為客戶提供所需的證明，同時避免重複計算。

Through measuring, reporting, and producing verifiable carbon intensity from farm to flight or fleet, Verity aims to simplify carbon accounting through complex supply chains to track final fuel products and carbon credits with the transparency, trust, and truth customers require. It's going to help us, farmers, and other biofuel producers turn carbon into measurable and marketable co-product while bringing new transparency to the low-carbon fuel ecosystem. And to that point, Verity has been installed at our Gevo North Dakota facility, and we anticipate it will be fully functional by the end of the year.

Verity 透過測量、報告和產生從農場到航班或機隊的可驗證碳強度，旨在簡化複雜供應鏈中的碳核算，以客戶要求的透明度、信任和真實性追蹤最終燃料產品和碳信用額。這將有助於我們農民和其他生物燃料生產商將碳轉化為可衡量和可銷售的副產品，同時為低碳燃料生態系統帶來新的透明度。到目前為止，Verity 已安裝在我們位於北達科他州的 Gevo 工廠，我們預計到今年年底它將全面投入使用。

In addition, in Q3, Frontier Infrastructure Holdings, LLC announced a strategic partnership with Verity and Gevo to offer North America's first integrated carbon management platform for ethanol producers. Frontier plans to deliver CO2 by rail solutions and permanent CO2 storage in Wyoming, while Verity provides the digital platform for full carbon tracking.

此外，在第三季度，Frontier Infrastructure Holdings, LLC 宣布與 Verity 和 Gevo 建立策略合作夥伴關係，為乙醇生產商提供北美首個綜合碳管理平台。Frontier 計劃透過鐵路運輸提供二氧化碳解決方案，並在懷俄明州提供永久性二氧化碳儲存設施，而 Verity 則提供用於全面碳追蹤的數位平台。

Frontier anticipates this unique combination will provide carbon management solutions to ethanol plants that don't have direct access to geological storage or access to proposed CO2 pipelines, while Verity brings our carbon accounting platform to the table to help ethanol producers monetize their carbon dioxide co-product. We like this approach for Gevo as it could unlock new potential ATJ-30 sites that we can explore with more verified, low-carbon ethanol producers.

Frontier 預計這種獨特的組合將為那些無法直接獲得地質儲存或擬建二氧化碳管道的乙醇工廠提供碳管理解決方案，而 Verity 則將我們的碳核算平台帶到一旁，幫助乙醇生產商將其二氧化碳副產品貨幣化。我們喜歡 Gevo 的這種做法，因為它可能會釋放出新的潛在 ATJ-30 礦址，我們可以與更多經過驗證的低碳乙醇生產商一起探索這些礦址。

And with that, I'll hand it over to Chris. Chris?

好了，現在我把麥克風交給克里斯。克里斯？

Thanks, Paul. At this time of the year, the thing that takes up a lot of our attention and operations is corn harvest. At Gevo North Dakota, we're happy to have a great relationship with the farmers up there who supply us with the 23 million bushels per year corn we need to keep the plant running. This year, those farmers have done a great job turning out a record harvest in North Dakota in spite of the early frost that occurred in the western part of the state.

謝謝你，保羅。每年的這個時候，我們最關注和投入精力的事情就是玉米收割。在北達科他州 Gevo 公司，我們很高興與那裡的農民建立了良好的關係，他們每年為我們提供 2,300 萬蒲式耳的玉米，以維持工廠的運作。今年，儘管北達科他州西部地區遭遇了早霜，但當地的農民仍然取得了巨大的成功，並獲得了創紀錄的豐收。

This season is a good reminder that while weather can have a negative impact on some farmers, overall, (technical difficulty) which creates a need for new uses such as SAF, which I'll talk about in a minute. Farmers in North Dakota are nearing the end of harvest. And at Gevo North Dakota, we're nearly full of our 3 million-bushel capacity with our cash bids currently around $0.40 to $0.60 per bushel under the Chicago Board price depending upon delivery month.

本季很好地提醒我們，雖然天氣可能會對一些農民產生負面影響，但總體而言，（技術困難）這催生了對 SAF 等新用途的需求，我稍後會談到這一點。北達科他州的農民即將完成收割工作。在北達科他州的 Gevo，我們 300 萬蒲式耳的產能幾乎已滿，目前我們的現金報價比芝加哥期貨交易所的價格低 0.40 至 0.60 美元/蒲式耳，具體取決於交割月份。

This is important for our investors to understand. The point is when thinking about making products like SAF from alcohol to jet, we have a lot of low-cost, low-carbon, easy-to-handle feedstock at scale that begins with our relationship with the farmers.

這一點對我們的投資者來說很重要。關鍵在於，當我們考慮從酒精生產SAF等產品，最終生產出噴射燃料時，我們擁有大量低成本、低碳、易於大規模處理的原料，而這一切都始於我們與農民的關係。

Related to that, a few weeks ago, we had our second community event where we had nearly 100 farmers and community members spend a couple of hours with us at Gevo while we talked about our improvements at the North Dakota site and our vision for the future. The audience was very engaged and supportive, which makes our work up there much more meaningful.

與此相關，幾週前，我們舉辦了第二次社區活動，近 100 位農民和社區成員在 Gevo 與我們一起度過了幾個小時，我們討論了我們在北達科他州工廠的改進情況以及我們對未來的願景。觀眾非常投入和支持，這讓我們的表演更有意義。

Moving beyond the farmers to our Gevo North Dakota operations, I'd like to acknowledge once again the great job our team is doing in maintaining, improving, and operating the assets there. The improvements include fundamental things such as new truck scales critical for receiving corn and selling feed, improving roads to ensure safety for those farmers, and several energy efficiency improvements.

除了農民之外，我想再次感謝我們位於北達科他州的 Gevo 營運團隊，感謝他們為維護、改進和營運那裡的資產所做的出色工作。這些改進措施包括一些基本面，例如安裝對接收玉米和銷售飼料至關重要的新型卡車秤，改善道路以確保農民的安全，以及多項節能改善措施。

The operations team successfully completed a safe turnaround of the plant in five days in September and came back online quickly. For Q3, they ground over 5 million bushels of corn while producing and selling over 16 million gallons of fuel ethanol, 46,000 tonnes of high-protein animal feed, nearly 5 million pounds of corn oil, all while sequestering 42,000 tons of carbon dioxide, which generates the carbon dioxide removal credits as Paul mentioned. That brings us to over 550,000 metric tonnes of CO2 that's been sequestered at the site since the sequestration operation began in June 2022.

營運團隊於9月份在五天內成功完成了工廠的安全檢修，並迅速恢復了生產。第三季度，他們磨碎了超過 500 萬蒲式耳的玉米，同時生產和銷售了超過 1600 萬加侖的燃料乙醇、46000 噸高蛋白動物飼料、近 500 萬磅的玉米油，並封存了 42000 噸二氧化碳，正如保羅提到的那樣，這產生了二氧化碳去除額度。自 2022 年 6 月封存作業開始以來，該場地已封存超過 55 萬噸二氧化碳。

That's proof that we can capture carbon reliably each and every day we operate, which is well over 350 days a year. And remember that the captured CO2, it was originally pulled from the air through photosynthesis by plant, then released during our fermentation process in nearly pure form for us to sequester underground.

這證明我們能夠在營運的每一天可靠地捕獲碳，而我們每年的營運天數超過 350 天。請記住，我們捕獲的二氧化碳最初是由植物透過光合作用從空氣中吸收的，然後在發酵過程中以近乎純淨的形式釋放出來，供我們封存在地下。

In addition to the operations team, we have a team of engineers at Gevo engaged in engineering a number of improvements at the site, along with engineering the ATJ-30 plant, which is designed to make SAF. The improvements include expanding the ethanol plant, both incremental and step change expansions, expanding corn storage and receiving, expanding our carbon sequestration and utilization, improving energy efficiency. We expect that incremental improvements will lead to substantial increases in adjusted EBITDA at North Dakota and the step change projects we have in mind could make it even bigger.

除了營運團隊之外，我們在 Gevo 還有一個工程師團隊，負責對該工廠進行多項改進工程，以及對 ATJ-30 工廠進行工程設計，該工廠旨在生產 SAF。這些改善措施包括擴大乙醇工廠（包括漸進式和階梯式擴建）、擴大玉米儲存和接收、擴大碳封存和利用、提高能源效率。我們預計，逐步改進將使北達科他州的調整後 EBITDA 大幅成長，而我們正在考慮的變革性項目可能會使其增長更大。

The ATJ-30 project and expected adjusted EBITDA would be even more growth on top of it all. On the ATJ-30 project, design and engineering work are progressing well. We're leveraging our patents and know-how from previous project design work to shorten our design time, simplify construction, increase efficiencies, and manage carbon. We currently estimate the installed capital cost to be around $500 million, not including financing-related costs.

ATJ-30 專案和預期調整後的 EBITDA 將在此基礎上實現更大的成長。ATJ-30 專案的設計和工程工作進展順利。我們正在利用我們先前的專案設計工作中獲得的專利和專業知識來縮短設計時間、簡化施工、提高效率和管理碳排放。我們目前估計安裝資本成本約 5 億美元，還不包括融資相關成本。

I'm happy to report that we've partnered with the state of North Dakota on a couple of our improvements, thanks to the North Dakota Department of Ag for their generous grants of over $3 million to help us improve energy efficiency of the plant and expand infrastructure required for the ATJ-30 project. Our long-term vision for the future of jet fuel plants is straightforward, build ATJ-30 right here at Gevo North Dakota, prove it out and then copy edit and paste that same blueprint across other strategic locations in the US and globally.

我很高興地報告，我們已與北達科他州合作進行了一些改進，感謝北達科他州農業部慷慨撥款超過 300 萬美元，幫助我們提高工廠的能源效率並擴大 ATJ-30 項目所需的基礎設施。我們對未來航空燃料工廠的長期願景很簡單，就是在北達科他州格沃建造 ATJ-30，進行驗證，然後將同樣的藍圖複製、修改並貼上到美國和全球的其他戰略地點。

Today, we want the site to showcase farming and carbon management done right. In the future, we want AT-J30 to showcase alcohol to jet done right, a model that can be replicated efficiently using abundant domestic feedstocks and proven carbon management systems. Behind all this progress is a talented team of operators, engineers, and community partners who make it happen every day. And of course, we couldn't do it without the support of our farmer partners and the state of North Dakota, which continues to be a terrific place to do business.

今天，我們希望這個網站能夠展示正確的農業和碳管理方式。未來，我們希望 AT-J30 能展示酒精噴射燃料的正確使用方式，這種模式可以利用豐富的國內原料和成熟的碳管理系統進行高效複製。這一切進步的背後，離不開一支才華洋溢的營運人員、工程師和社群合作夥伴團隊，他們日復一日地為此努力。當然，如果沒有我們的農民合作夥伴和北達科他州的支持，我們不可能做到這一點，北達科他州仍然是一個非常棒的經商之地。

Back to you, Pat.

帕特，該你了。

Thanks, Chris, Paul, and Leke. We have advanced. We've been derisking our plans to get the jet fuel production. We've known that to achieve the best economics and carbon scores for jet fuel at ethanol and the ATJ process need to be integrated and that we need a carbon sequestration to achieve our carbon footprint goals.

謝謝克里斯、保羅和萊克。我們取得了進步。我們一直在降低推進航空燃油生產計畫的風險。我們一直都知道，要使航空燃料在經濟性和碳排放方面達到最佳水平，乙醇和ATJ製程必須整合，而且我們需要碳封存來實現我們的碳足跡目標。

At Lake Preston, we would have had to build all three greenfields, albeit the sequestration would have been done in cooperation with the Summit pipeline. Well, today, we have an outstanding ethanol plant and sequestration, great, derisked and we make money on those assets to boot. And we get to learn how to monetize the carbon with real carbon products. Now we should maximize the adjusted EBITDA from those assets and get on with the ATJ plant. The pieces are coming together.

在普雷斯頓湖，我們將不得不建造所有三個綠地，儘管碳封存工作將與 Summit 輸油管合作完成。如今，我們擁有一座出色的乙醇工廠，資本封存也做得很好，風險降低了，我們還能從這些資產中獲利。我們還能學習如何利用真正的碳產品將碳貨幣化。現在我們應該最大限度地提高這些資產的調整後 EBITDA，並繼續推進 ATJ 工廠的建設。事情正在逐漸明朗。

Let's go ahead and open it up for questions. Operator?

接下來我們進入提問環節。操作員？

(Operator Instructions)

（操作說明）

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Congrats on all of your progress over this last quarter.

恭喜你在過去一個季度所取得的所有進步。

Derrick, yeah, thank you. It's been pretty cool.

德里克，是的，謝謝你。感覺很棒。

Referencing slide 12, it's clear Geva North Dakota represents significant upside to your EBITDA projections. Maybe speaking to this slide, could you elaborate on the incremental capital and steps required to optimize your operation and a reasonable time line to achieve $110 million of EBITDA?

參考第 12 張投影片，很明顯，Geva North Dakota 為您的 EBITDA 預測帶來了巨大的成長空間。或許可以結合這張投影片，詳細說明優化營運所需的新增資本和步驟，以及實現 1.1 億美元 EBITDA 的合理時間表？

Yeah. So it's incremental capital -- incremental capital is like in that $15 million-ish plus or minus a few million range. That's what we think it is. It could change. And this is about debottlenecking the ethanol plant to its -- get it produce maximally with what we have there, also optimize the energy use, the capture of more carbon dioxide, all those kind of normal things you can do.

是的。所以這是增量資本——增量資本大概在 1500 萬美元左右，上下浮動幾百萬美元。我們認為就是這樣。情況可能會改變。而這關乎於消除乙醇工廠的瓶頸——使其能夠利用現有資源實現最大限度的產量，同時優化能源利用，捕獲更多的二氧化碳，以及所有你能做的那些常規的事情。

Remember, there's leverage every time we do something like that because as you produce more ethanol, you get more CO2. When we capture more CO2, we can optimize energy, capture more CO2, et cetera.

記住，我們每次做這樣的事情都有槓桿作用，因為隨著乙醇產量的增加，二氧化碳的排放量也會增加。當我們捕獲更多二氧化碳時，我們可以優化能源利用，捕獲更多二氧化碳等等。

And when Chris is referring to a step change, that would be adding additional ethanol capacity per se, like a whole another plant. We're going to look at that, too. I just don't have a timeline for that. So what you see on slide 12 in our investor presentation and what -- for everybody else, what Derrick is referring to is that we have a net EBITDA of something like $40 million on the left side -- adjusted EBITDA on the left side of the slide, it's $40 million. On the right side, it's plus $100 million.

而當克里斯提到「階梯式變化」時，那指的是增加額外的乙醇產能本身，例如新建一座完整的工廠。我們也會研究一下這個問題。我目前還沒有具體的時間表。所以，您在我們投資者簡報的第 12 張幻燈片上看到的，以及——對於其他人來說，德里克所指的，就是我們在左側的淨 EBITDA 大約是 4000 萬美元——幻燈片左側的調整後 EBITDA 是 4000 萬美元。右邊多了 1 億美元。

That's say, over the next 18 months to 24 months, we can get up there to $110 million. How fast we do it? I don't know. It depends on how the world is working for us. We're well on the way. If anyone is paying attention, they should see this. We're well on the way to moving towards that $40 million. This is all about just doing what we're doing, have a full year at it and getting better at it, capturing more value from the carbon. We expect our CI scores to go down in the future.

也就是說，在接下來的 18 個月到 24 個月裡，我們可以達到 1.1 億美元。我們做得有多快？我不知道。這取決於世界如何為我們服務。我們進展順利。如果有人留意的話，應該能看到這一點。我們離4000萬美元的目標越來越近了。這一切都關乎我們繼續做我們正在做的事情，堅持一整年，不斷改進，從碳排放中獲得更多價值。我們預計未來我們的CI評分會下降。

So that makes more for the 45Z tax credit. We have -- Paul's team is really learning how to maximize value from the carbon by selling it as a bundle with a gallon, the carbon value with a bundle as a gallon in low carbon fuel markets or separating the carbon and selling it separately and maximizing that value. As they learn how to do that, I expect that they will continue to increase.

這樣一來，45Z稅收抵免額就更高了。保羅的團隊正在學習如何最大限度地利用碳的價值，方法是將碳與一加侖汽油捆綁出售，在低碳燃料市場中將碳的價值與一加侖汽油捆綁出售，或者將碳分離出來單獨出售，從而最大限度地提高其價值。隨著他們學會如何做到這一點，我預計他們的數量會繼續增加。

But that's what I'm most keen on is watching those numbers around the carbon value per ton. So we made a good move by buying this plant. There's no question.

但我最感興趣的是觀察每噸碳值的相關數據。所以，我們買下這株植物是個明智之舉。毫無疑問。

Certainly, a great acquisition for you guys. And as my follow-up, I wanted to touch on the DOE loan extension that you guys announced a few weeks ago. Could you elaborate on kind of how that extension and the scope -- change of scope that you guys are pursuing increases the likelihood of DOE financing?

對你們來說，這絕對是一筆很棒的收購案。最後，我想談談你們幾週前宣布的能源部貸款延期事宜。能否詳細說明一下，你們正在尋求的這種擴展和範圍變更如何增加獲得美國能源部資助的可能性？

I would say -- well, I'll comment first. I'm going to hand it over to Leke to give a little more color. But from my point of view, whenever you have a change of administrations like this, the fact that we survived straight away was good. I mean that's a good thing. It says we're kind of in their zone of things that are interesting and attractive.

我想說——好吧，我先說幾句。我打算把它交給萊克，讓他增添一些色彩。但從我的角度來看，每當發生像這樣的政府更迭時，我們能夠立即挺過來是一件好事。我的意思是，這是好事。它說我們正處於他們感興趣和有吸引力的範圍之內。

They have taken a long time to get leadership in place. They've been -- and I'm talking about not at the Secretary level, but with the Secretary. And so it took a while for people to get into place and musical chairs a little bit. They're getting their act together, they're looking at it. They see realistically what we've done, and I'm going to reiterate this.

他們花了很長時間才組建起領導團隊。他們一直——我指的不是部長級別，而是與部長一起。因此，大家花了一段時間才各就各位，期間還出現了一些搶椅子的場面。他們正在著手處理這件事，他們正在研究它。他們清楚地看到了我們所做的事情，我要重申這一點。

When you compare the site that we have at Lake Preston, thing is greenfield to taking that site and moving north to North Dakota, where we have an ethanol plant that operates and makes money, has a sequestration underneath the plant, it makes money. It is a different game to play in terms of how one thinks about the possibilities of financing.

當你把我們在普雷斯頓湖的場地與北達科他州的場地進行比較時，你會發現那裡還是一片綠地。北達科他州有一家乙醇廠正在運作並獲利，工廠下面還有一個碳匯，它也能獲利。在思考融資可能性方面，這完全是另一回事。

Now remember, they were committed on -- the conditional commitment is an actual commitment to do the financing if we do all the prerequisites and get the rest of the funding in place, et cetera. We were surprised that they suggested shifting it up to North Dakota because we think it's a good idea, too. So it was kind of a meeting of the mind thing. So we're very pleased about that, but it's just the very beginning, and we got to go work through it.

請記住，他們承諾——有條件的承諾是指，如果我們完成所有先決條件並落實其餘資金等，他們就會提供融資。他們建議將比賽地點移至北達科他州，我們對此感到驚訝，因為我們也認為這是一個好主意。所以這算是一次思想上的契合。我們對此感到非常高興，但這只是個開始，我們還需要繼續努力。

So I think if they liked it before at Lake Preston, they're going to like it a heck of a lot better up in North Dakota because we all make more money, and it doesn't require as much external financing. The project is much smaller, right, because we only have to build an ATJ increment, plus we might have to do some energy. Does that help you?

所以我覺得，如果他們之前喜歡普雷斯頓湖的生活，那麼他們肯定會更喜歡北達科他州的生活，因為我們都能賺到更多錢，而且不需要那麼多外部融資。這個專案規模小得多，對吧？因為我們只需要建造一個 ATJ 增量，而且我們可能還需要做一些能源方面的工作。這樣對你有幫助嗎？

Amit Dayal, HC Wainwright.

Amit Dayal，HC Wainwright。

Great to see the execution continue to come through. With respect to the EBITDA drivers for next year, can we -- maybe just give a little bit color on whether it's primarily going to come from the sequestration capacity expansion or some of these debottlenecking efforts you may be implementing? Just a sense of where the drivers are, and how we should think about growth in cash flows for next year?

很高興看到執行力持續提升。關於明年 EBITDA 的成長驅動因素，能否簡要說明一下，這主要來自預算削減能力的擴張，還是來自你們正在實施的一些消除瓶頸的措施？我們只是想了解目前的驅動因素在哪裡，以及我們應該如何看待明年現金流的成長？

Yeah. So on slide 12 in our presentation on the left hand of that slide is what I think a picture of what is closer to what 2026 should look like is something like that and give or take still. We're working on it, and we'll finalize something after the first year is what we really think. But that's kind of the picture -- and remember, we're ramping up. And so this is kind of a curve that's going upward. And so how fast does it go upward? How much faster can it go upward?

是的。所以，在我們的簡報第 12 張投影片上，左側的圖片，我認為比較接近 2026 年的樣子，大概就是這樣，當然也可能略有出入。我們正在努力，我們預計在第一年之後會最終確定。但情況大致如此——記住，我們正在加緊推進。所以這是一條向上延伸的曲線。那麼它上升的速度有多快？它還能上升得更快嗎？

We know for a fact that there's going to be improvements of carbon score in 2026 built into the Big Beautiful Bill. So we know we're going to make more money at that front. And then on I think on the carbon side, and I'm going to let Paul comment on it in the next year to give a picture of that because I think that's the one I'm keeping my eye on mostly. I want to see that grow. It's incremental already we're projecting as to what we should be able to do from where we are today and on an upward trajectory.

我們確切地知道，《宏偉法案》中已納入了 2026 年碳排放評分的改進措施。所以我們知道，在這方面我們會賺更多錢。然後，關於碳排放方面，我打算讓保羅在明年對此發表評論，以便更好地說明情況，因為我認為這是我主要關注的領域。我想看到它發展壯大。我們已經逐步預測了從我們目前所處的位置出發，我們應該能夠做到什麼，並且朝著上升的方向發展。

The ethanol itself is going to be ethanol. The RNG is going to be -- we planned super conservatively on RNG. And this is simply because we're realistic on this market. It is just a tough market with -- in general, but our plant operates really well. So we aren't these big -- we aren't padding anything or being super optimistic about that, although it generates value for us. So it's good. And hopefully, if the market turns, great, it will be a huge upside for us. We are not planning that optimistically.

乙醇本身就是乙醇。RNG（隨機數產生器）將會是－我們在 RNG 方面採取了非常保守的計劃。這只是因為我們對這個市場抱持現實的看法。總的來說，市場競爭很激烈，但我們的工廠運作得非常好。所以我們並沒有那麼大——我們沒有誇大其詞，也沒有對此抱持過於樂觀的態度，儘管這確實為我們創造了價值。所以這很好。如果市場好轉，那就太好了，這對我們來說將是一個巨大的利好。我們並沒有樂觀地制定這樣的計劃。

But Paul, I think this question of what's the growth look like? I'm going to rephrase yours, Amit. Paul, give us some color on what you think the dollars per ton going forward? How does it look? What's that build look like? What's in front of us? How does that pan out because we're doing something different than everybody else here.

但是保羅，我認為這個問題應該是：成長會是什麼樣子？阿米特，我來改寫你的話。保羅，你覺得未來每噸的價格會是多少？看起來怎麼樣？那棟建築長什麼樣子？我們面前是什麼？這結果會如何呢？因為我們做的事情和這裡其他人都不一樣。

Yeah. Thanks, Pat. So just a little more color on the carbon business, right? As we talked about during this quarter, we're moving more. You see 90% of our carbon value today being sold in fuels. But with like the Biorecro deal, we're selling much more into a separated carbon dioxide removal market, right, these credits. And that's exciting for us because those can be like the Biorecro deal, longer-term deals in the market where we're bringing in more ratable revenue. We're not as subject to the ups and downs in the volatility that you see in low carbon fuel markets, even in the low carbon fuel credit prices.

是的。謝謝你，帕特。那麼，我們再來詳細說說碳排放問題吧？正如我們本季所討論的，我們正在加大投入。如今，我們90%的碳價值都以燃料的形式出售。但像 Biorecro 這樣的交易，我們向一個獨立的二氧化碳去除市場出售了更多東西，對吧，這些信用額度。這對我們來說很令人興奮，因為這些交易可能像 Biorecro 的交易一樣，是市場上的長期交易，我們可以從中獲得更多可分配的收入。我們不像低碳燃料市場那樣容易受到波動的影響，即使是低碳燃料信用價格的波動也不例外。

So that's going to continue to grow. That's -- even with the Biorecro deal, right, we start growing into $5 million just a year down the road with that type of a deal. And then we're going to look to do more of those, right? So you see this a big piece, and this is how long term, we think this can start adding in this $30 million-type range over the next two years between the compliance markets and the voluntary markets as we balance that as we see where either of those markets go.

所以這個數字還會繼續增加。即使與 Biorecro 達成交易，我們也能很快實現 500 萬美元的收入。然後我們打算多做一些這樣的事情，對吧？所以，您可以看到這是一大塊，從長遠來看，我們認為在未來兩年內，隨著合規市場和自願市場的平衡，我們可以開始增加約 3000 萬美元的規模，同時觀察這兩個市場的走向。

But we've got a lot of flexibility. That's what we like. And that's why we're continuing to do both, right? We're putting on more pathways in the compliance and the regulatory fuel markets where we can go after low carbon fuel with that CCS value attached or we can separate that out in the carbon dioxide removal markets where we have that flexibility to maximize our returns.

但我們有很大的靈活性。這就是我們喜歡的。所以，我們才會繼續同時做這兩件事，對吧？我們正在合規和監管燃料市場開闢更多途徑，以便我們可以追求具有 CCS 價值的低碳燃料，或者我們可以將其分離到二氧化碳去除市場，在那裡我們可以靈活地最大化我們的回報。

And then I think the way to look at slide 12 is on the right side of that slide is a little further out, and I don't have a time frame on it per se because we could do it faster or slower, depends on how projects get done, but that includes an incremental expansion of the ethanol plant, taking it up to like 75 million gallons a year and that produce more ethanol, more CO2. So you can imagine how the numbers increase because of that because we have leverage. right? We're making more ethanol. We make more CO2.

然後，我認為看待第 12 張幻燈片的方式是，該幻燈片的右側稍微靠外一些，我沒有具體的時間表，因為我們可以做得更快或更慢，這取決於項目的完成情況，但這包括逐步擴大乙醇工廠，使其年產量達到 7500 萬加侖左右，這將產生更多的乙醇，更多的二氧化碳。所以你可以想像，因為我們有了槓桿作用，數字會因此增加多少，對吧？我們正在生產更多乙醇。我們排放了更多的二氧化碳。

We generate more credits, generate more production tax credit, et cetera. That's why you see those numbers. So it's -- that's what our picture looks like. And as we work through stuff, and this is all with the low capital version, it's kind of exciting. It's a good place to be. And ATJ is completely on top of all of that. That would be a different spend in a different bucket, a different project.

我們獲得更多信貸，獲得更多生產稅收抵免等等。這就是你看到這些數字的原因。所以，這就是──這就是我們的畫面。當我們逐步解決問題時，而且這一切都是以低成本的方式進行的，這令人興奮。這裡是個好地方。ATJ 對這一切都瞭如指掌。那將是一筆不同的支出，屬於不同的項目。

Right. No, it makes sense, Pat. So it seems like expanding the ethanol capacity to 75 million gallons per year is pretty natural, I guess, in terms of how you are executing and all the other infrastructure you have over there to be able to monetize that. What I'm trying to get at is if you were to have to make a call between ATJ-30 and much larger expansion of the ethanol capacity, would you lean more towards the ATJ-30 with or without DOE funding?

正確的。不，這很有道理，派特。所以，從你們的執行方式以及你們在那裡擁有的所有其他基礎設施來看，將乙醇產能擴大到每年 7500 萬加侖似乎是很自然的事情，這樣才能實現盈利。我想問的是，如果要在 ATJ-30 和更大規模地擴大乙醇產能之間做出選擇，無論有沒有能源部資助，你都會更傾向於 ATJ-30 嗎？

Well, the ATJ-30 plan right now, the way it pencils in with our contracts to be at an uplift of about $150 million a year of EBITDA. Now, turning back to ethanol. Ethanol, the 45Z credits are -- they end at the end of, what, 2029. So if you're looking at long-term plans of building new plants, what's going to be in the money? Well, ATJ plant, a jet plant isn't dependent upon the long-run economics of a 45Z tax credit. Remember, our site, if we're lucky, we can take a queue too. And so we're pretty much indifferent between those two at the moment, the way the world is structured. Remember, a queue runs out for 12 years.

嗯，ATJ-30 計劃目前與我們的合約相符，每年可帶來約 1.5 億美元的 EBITDA 成長。現在，讓我們再回到乙醇的話題。乙醇的 45Z 積分——它們將在 2029 年底結束。所以，如果你著眼於建造新工廠的長期計劃，那麼哪些因素會有利可圖呢？嗯，ATJ工廠，一家噴射機工廠，並不依賴45Z稅收抵免的長期經濟效益。記住，如果運氣好的話，我們的網站也可以接受排隊。所以，就目前世界的結構而言，我們對這兩者之間幾乎沒有差異。記住，排隊等候的時間長達12年。

So we're in good shape on that kind of a front. And so we don't take -- it's not crucial, we'd love to have it extended. Love to. But you know what, it will be what it is. It's going to compete economically. Paul will be successful and his team will be successful selling carbon. So it will be what it is.

所以在這方面，我們情況很好。所以我們不接受——這不是至關重要的，我們很樂意延長它。樂意。但你知道嗎，事情就這樣發展下去吧。它將參與經濟競爭。保羅和他的團隊在銷售碳方面會取得成功。那就順其自然吧。

Ethanol, if we can get it built really fast and do like to say, duplicate of what we currently have of capacity, how fast can we get it built, how long will the credits last really. You don't want to be in a business of just doing ethanol. You do not want to be in a plain old ethanol business. That's not a good business. It's too dang volatile. This is why Paul was emphasizing turning carbon into a product and selling it gets us into a ratable business.

如果我們能以最快的速度建成乙醇生產設施，並且像現在這樣達到現有產能的兩倍，那麼我們能以多快的速度建成？這些補貼又能持續多久？你不想只做乙醇生意。你不想只做普通的乙醇生意。那不是個好的生意。它太不穩定了。這就是為什麼保羅強調將碳轉化為產品並出售，這樣我們就能進入一個可以徵稅的行業。

The Biorecro deal was a multiyear contract. Think of that a multiyear contract selling carbon really. That's what we just did, and we're going to do more of that. That changes the game of what's possible and gets us out of this volatility over the long run.

Biorecro公司與Biorecro公司簽訂的是一份多年合約。把這當作是一份多年期的碳排放交易合約。我們剛才就是這麼做的，而且我們還會繼續這樣做。這將改變一切可能性，並從長遠來看幫助我們擺脫這種波動。

So that's how we're thinking about it. Getting to 75 million gallons is the natural expansion of what we should do in debottlenecking. There'll be other things we can do to optimize energy, lower the CI score further. We're already a very, very low CI score, and it will go lower as we improve. Well, after 75 million gallons, now we got to build a brand-new plant, and that's in the -- to do that capacity, that's in the multiple dollars per gallon, to call it, rounding it to [$2.50] a gallon for new capacity once you're doing a full-sized plant, say, 50 million gallons to 100 million gallons. It's in that kind of a range ballpark.

這就是我們的想法。達到 7500 萬加侖的產能是我們消除瓶頸工作的一個自然延伸。我們還可以採取其他措施來優化能源利用，進一步降低 CI 分數。我們的 CI 分數已經非常非常低了，隨著我們的進步，分數還會更低。嗯，在生產了 7500 萬加侖之後，現在我們必須建造一個全新的工廠，而要達到這樣的產能，每加侖的成本就高達數美元，如果建造一個滿負荷運轉的工廠，比如說 5000 萬加侖到 1 億加侖，那麼新產能的成本大約是每加侖 2.50 美元。大概就在這個範圍內。

So does it make sense? Under what circumstance does it make sense? It depends. And so we'll sort that out later, but that's not our focus. We're going to evaluate it and make sure we understand it so we can jump all over it to make it happen if we need to, if the right market conditions are there. But I'll tell you, first things first. Get the low-hanging fruit, get the 75 million gallons, get the credits, generate more credits, generate more revenue, get better and better at selling the carbon.

所以這樣做有意義嗎？在什麼情況下這樣做才合理？這取決於。所以我們稍後會解決這個問題，但這不是我們關注的重點。我們將對其進行評估，確保我們理解它，以便在需要時，如果市場條件合適，我們可以立即採取行動，促成此事。但我得先告訴你，首先要說的是…先摘取最容易摘取的果實，獲得 7,500 萬加侖的碳排放權，獲得碳信用額，再獲得更多碳信用額，創造更多收入，不斷提高碳排放銷售效率。

Remember, we have an advantage. We have a sequestration site directly underneath our plant. We're the only ones in the world with that. We don't have all the complexities that everybody else has of pipelines and sharing and all this kind of stuff. Ours is relatively straightforward. And still, it's a huge amount of work to get it audited, insured and all the rest to generate these viable credits.

記住，我們有優勢。我們工廠正下方有碳匯場。我們是世界上唯一擁有這種技術的公司。我們沒有其他人面臨的管道、共享等等這些複雜問題。我們的比較簡單。即便如此，要完成審計、投保以及其他所有手續才能獲得這些有效的信用額度，仍然需要付出巨大的努力。

So we need to get good at this. So we're going to do that, walk in before we run, expand incrementally, use our capital wisely, save our powder, we'll debottleneck, save our powder with the DOE, work with them, get that plant financed and the economics are good. And we will also treat then a full build-out of a new ethanol plant as an opportunity to be evaluated in the market conditions as we see them and working with partners who want to do it.

所以我們需要在這方面有所建樹。所以我們要這樣做，穩紮穩打，逐步擴張，明智地利用我們的資本，節省資金，消除瓶頸，與能源部合作，節省資金，為工廠融資，經濟效益良好。我們也會把全面建造一座新的乙醇工廠視為一個機會，根據我們所看到的市場條件進行評估，並與有意願的合作夥伴共同進行這項工作。

That's how we think about it. So use what we got, maximize what we got, expand ATJ and then making sure we're not losing sight of these other opportunities to grow because we could have them, they might be very much real.

我們是這麼想的。所以，要善用我們所擁有的，最大限度地利用我們所擁有的，擴大 ATJ 的規模，同時確保我們不會忽視其他發展機會，因為我們可能擁有這些機會，它們很可能是真實存在的。

Got it. Just last one on the Verity offering. How much more development work needs to be done before you can get more aggressive towards commercializing that offering?

知道了。這是Verity產品系列的最後一個了。在能夠更積極地將產品商業化之前，還需要完成多少研發工作？

Paul, go ahead and answer that one.

保羅，你來回答這個問題吧。

Yeah. So I think we're getting to that point right now, Amit. So this is what I was talking about getting this implemented at Gevo North Dakota is a critical step for us. I mean we've already got it implemented with other customers, but having it running in our own operation, we'll be able to show even other Verity potential customers say, hey, come look at it, right? Stop by our plant, see how we're using it, see how it simplifies your life, how it makes everything better, total up all your carbon for voluntary markets, for compliance markets, for tax credits, right? It's really a simplification tool.

是的。所以我覺得我們現在快要達到那個階段了，阿米特。所以，這就是我之前說的，在北達科他州 Gevo 實施這項計劃對我們來說至關重要的一步。我的意思是，我們已經在其他客戶那裡實施了這項技術，但是當我們在自己的運營中運行它時，我們甚至可以向其他 Verity 的潛在客戶展示它，讓他們說：“嘿，來看看吧”，對吧？歡迎您來參觀我們的工廠，看看我們是如何利用它的，看看它如何簡化您的生活，如何讓一切變得更好，統計您所有的碳排放量，以便參與自願市場、合規市場和稅收抵免，對嗎？它實際上是一種簡化工具。

And so we think that we're really nearing that point, right, where we can now scale this, just like Chris was talking about ATJ-30 to do the copy, edit, paste. I mean this is where we can start to do the copy, edit, paste for Verity really more broadly with biofuel producers. So we're in a really good spot.

所以我們認為我們真的快要達到那個臨界點了，對吧，現在我們可以擴大規模了，就像 Chris 之前提到的 ATJ-30 那樣，可以進行複製、編輯、貼上。我的意思是，我們可以從這裡開始，更廣泛地對 Verity 進行複製、編輯和貼上，並將其應用於生物燃料生產商。所以我們處境非常好。

Yeah, interesting. I think this is going to be a really interesting catalyst.

嗯，有意思。我認為這將是一個非常有趣的催化劑。

Well, and here's for everyone's perspective, there's everyone and their brothers going, hi, we know how to count carbon. We know how to measure CI, all this. No, you actually don't. It's actually kind of complicated. And you got to keep track of heck of a lot of stuff. There's simple -- on the Internet, you can find, everyone does their ChatGPT version.

好吧，從大家的角度來看，每個人都會說，嗨，我們知道如何計算碳排放量。我們知道如何衡量CI，所有這些。不，你其實不需要。其實情況有點複雜。而且你還得記得一大堆東西。很簡單——在網路上，你可以找到，每個人都有自己的 ChatGPT 版本。

Sorry, to get a product that someone buys and transfers money, actual cash on the barrelhead to pay you for something, that takes a whole lot more diligence to make sure it's right and have multiple parties auditing it. In our case, you heard, like you talk about getting even insured. How does that work in getting that system operating well, working well.

抱歉，要確保產品是有人購買並付款的，也就是用現金支付給你的東西，這需要更多的謹慎來確保其正確性，並且需要多方進行審計。就我們而言，你聽到的就像你在談論如何獲得保險一樣。如何才能使該系統高效運作？

And then with Verity, that offers a whole new level of assurance and gets it tracking it back to farm by farm, field by field, integrating the plant in its energy, and giving even a stronger score that can be verified and audited. This is the important part, auditing throughout the whole supply chain. That's why we can get paid now. That's why we will get paid in the future and why Verity is important because we can take that technology and use it as a service and get paid with other plants.

而 Verity 則提供了全新的保障水平，能夠逐個農場、逐個田地進行追踪，將植物與其能源整合起來，從而給出更強的、可驗證和可審計的評分。這是最重要的部分，即對整個供應鏈進行審核。這就是我們現在能拿到薪水的原因。這就是為什麼我們將來會獲得報酬，也是為什麼 Verity 很重要，因為我們可以利用這項技術並將其作為一項服務，與其他工廠一起獲得報酬。

That's why it's important and why it's interesting. We're doing an end-to-end solution, other people aren't. They're just doing pieces and parts and using their equivalent of Internet says, we're not doing that.

這就是它重要和有趣的原因。我們提供的是端到端的解決方案，其他人沒有。他們只是零零散散地做一些事情，然後利用互聯網這種渠道說：“我們不做這件事。”

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

Pat, can you maybe update us on the conversations with potential customers that could be using your well in Richardton to sequester their carbon. I guess that would be tolling customers or customers where you provide the service for them. I mean where do you stand with those potential incremental additions to the overall profitability?

Pat，可否向我們報告一下與潛在客戶的洽談情況？這些客戶可能會使用你在 Richardton 的水井來封存碳。我猜那應該是向顧客收費，或是向你提供服務的顧客收費。我的意思是，對於這些可能對整體獲利能力帶來的增量提升，您持什麼態度？

Yeah. So I'm going to restate your question. So we have this big site. Our capacity is 1 million tonnes per year. We're currently only using about 16%, 17% of that well. We should use more of it. And so Craig is right, we should use more of it.

是的。所以我將重新表達你的問題。所以我們有一個很大的網站。我們的年產能為100萬噸。我們目前只使用了那口井大約 16% 到 17% 的水量。我們應該多用一些。所以克雷格說得對，我們應該多用它。

Paul, what's the plan?

保羅，計劃是什麼？

Yes. So Craig, a couple of things. One, as we expand our footprint there and make more fuel, we'll have more CO2 to sequester. So that's one, step one, right? So that can -- we love that because we don't have to go anywhere else. We've already got the capacity.

是的。克雷格，有幾件事。第一，隨著我們擴大在當地的業務規模並生產更多燃料，我們將有更多的二氧化碳需要封存。所以，這是第一步，對吧？所以我們可以——我們喜歡這樣，因為我們不必去其他任何地方。我們已經具備了所需的產能。

The second part is think about a complex. When we're thinking about Gevo North Dakota, we're also thinking about what energy sources we need, all the different stuff that we have to put in place to really build out the ATJ-30 plant, but hey, it could be other partners as well. So we are looking and have ongoing discussions today with other companies that would maybe want to co-locate with us and take advantage of some of that sequestration well.

第二部分是思考一個複雜的問題。當我們考慮北達科他州的 Gevo 計畫時，我們也在考慮我們需要哪些能源，以及為了真正建成 ATJ-30 工廠，我們必須落實哪些不同的措施。但是，嘿，也可能有其他合作夥伴。因此，我們目前正在尋找並正在與其他公司進行討論，這些公司可能希望與我們共同辦公，並利用一些稅收減免措施。

So we could be storing CO2 for others and obviously getting fees for that, helping them sell their carbon credits, all those type of things. And so we're pretty excited about that. And then just like this deal where Frontier is looking at taking CO2 by rail to North Dakota, there's always options like that, I think we talked about on one of our earlier calls around looking at how can we take more CO2 in kind of virtual pipeline style.

因此，我們可以為他人儲存二氧化碳，並從中獲得費用，幫助他們出售碳信用額度，等等。所以，我們對此感到非常興奮。就像 Frontier 公司正在考慮透過鐵路將二氧化碳運往北達科他州一樣，總會有這樣的選擇，我想我們在之前的電話會議中也討論過如何以虛擬管道的方式運輸更多的二氧化碳。

Those are things that we're contemplating today. We don't have any concrete plans, but all of that coupled helps to use that capacity that we've already invested in. So it's really about how do we harvest that value from the investment that we already made with this great purchase at Gevo North Dakota because of that extra pore space that to use it ourselves, use it for third parties, absolutely.

這些都是我們今天正在思考的問題。我們目前還沒有任何具體的計劃，但所有這些結合起來有助於利用我們已經投資的產能。所以，關鍵在於我們如何從我們在北達科他州 Gevo 進行的這次重大收購中獲得價值，因為額外的空間，我們可以自己使用，也可以供第三方使用，絕對沒問題。

Yeah. So amplifying what Paul said, this thing about the virtual pipeline, what that means is taking CO2 by rail. That's how CO2 is transported, has been transported forever. And we could do that. The deal with Frontier contemplates that and tracking and tracing it the deal -- we had a rail terminal, for example, we can offload CO2 and put it down the hole for others.

是的。所以，正如保羅所說，虛擬管道的意思是，透過鐵路運輸二氧化碳。二氧化碳一直以來都是這樣運輸的。我們可以做到這一點。與 Frontier 的交易考慮到了這一點，以及對交易的追蹤和追溯——例如，我們有一個鐵路碼頭，我們可以卸載二氧化碳並將其倒入井中供其他人使用。

That also accomplishes yet another thing. I think that in a few years' time, call it, in the five-year time frame, the Bakken is going to need more CO2. And great, maybe there'll be a market for enhanced oil recovery CO2. So I think the world at large in that area is going to be interested in CO2 collection, sourcing, treating CO2 as a product, great. People want us to put it down a hole, awesome. We can get paid for that, cool, get more credits for that, great or sell it to somebody else.

這樣做還能達到另一個目的。我認為幾年後，比如說五年後，巴肯地區將需要更多的二氧化碳。太好了，或許會形成二氧化碳增強石油採收率的市場。所以我認為，世界各界都會對二氧化碳的收集、來源、將二氧化碳當作產品來處理感興趣，這很好。人們想讓我們把它丟進洞裡，太棒了。我們可以因此獲得報酬，太好了；或獲得更多積分，棒極了；或把它賣給其他人。

So it's a paradigm shift in that CO2 is a product should be valued, should be collected and utilized. So we have to put those plans together, but that's part of what we're working on and figuring out. That kind of incremental expansion is not included in our slide 12 that we referred to earlier. It's not part of that. That would be on top of it. That's gravy on top of what you see there.

所以這是一種典範轉移，即二氧化碳是一種產品，應該被重視、收集和利用。所以我們必須把這些計劃制定出來，但這正是我們正在努力和解決的問題的一部分。我們之前提到的第 12 張投影片中並沒有包含這種漸進式擴充。它不屬於那一部分。那將是錦上添花。那隻是錦上添花而已。

Understood. Understood. So then actually, I wanted to go back to a little bit of the content on your slide 12. The CI -- the incremental CI improvement that you guys are tracking for over the next number of quarters, how should we go about projecting that or forecasting that from our side?

明白了。明白了。所以，實際上，我想稍微回顧一下你第 12 張投影片上的內容。CI——你們正在追蹤的未來幾季的增量 CI 改進，我們應該如何從我們這邊進行預測或預估呢？

Because it ends up having a fairly material impact on the overall level of profitability. And is this something that we should parse the capital plan and the different pieces of your capital plan that are likely to be completed on a finite time horizon? Or what should we do to kind of understand and maybe be a little bit ahead of the curve as we see the CI score improvements over the next couple of years?

因為它最終會對整體獲利水準產生相當大的影響。我們是否應該對資本計劃以及可能在有限時間範圍內完成的各個部分進行詳細分析？或者，我們應該做些什麼來了解並可能在未來幾年看到 CI 評分提高時搶佔先機呢？

I think, Leke, you can help with this one, but there's basically the Big Beautiful Bill, the CI score drops automatically next year. That's a large part of it. And so go ahead and give that some color, Leke, and then we'll come back to it.

萊克，我覺得你可以在這件事上幫上忙，但基本上就是那個“宏偉法案”，CI評分明年會自動下降。那佔了很大一部分原因。萊克，你先給它上色，然後我們再回來討論。

Thanks, Pat. So high level, I think Pat already sort of touched on it. In the Big Beautiful Bill, the no ILOC that reduces our CI score by a tangible amount, which effectively increases our 45Z generation by another $0.10 per gallon. And then the last bit of the puzzle, which for us, we're working on is, are there other decarbonization measures that we can introduce to our facility to effectively be able to get another $0.10 per gallon increase in credit generation.

謝謝你，帕特。所以從高層次來說，我覺得帕特已經稍微談到這一點了。在《宏偉法案》中，沒有 ILOC，這顯著降低了我們的 CI 分數，實際上使我們的 45Z 產量每加侖增加了 0.10 美元。最後，我們正在努力解決的最後一個問題是，我們是否可以為我們的工廠引入其他脫碳措施，從而有效地使每加侖汽油的碳信用額再增加 0.10 美元。

So the $52 million tax credits that we sold this year from Gevo North Dakota, I think folks can easily do the math based on our ownership of the asset for 11 months out of 12 months. That number rounds up to about, call it, $0.80 per gallon of credit generation.

因此，我們今年從北達科他州 Gevo 公司出售的 5,200 萬美元稅收抵免，我認為大家可以根據我們 12 個月中有 11 個月擁有該資產的情況輕鬆計算出來。這個數字四捨五入後大約是，姑且稱之為，每加侖燃油產生信用額度 0.80 美元。

So next year, we are working actively with the no ILOC and the other decarbonization strategies, we're hoping to be closer to $1 per gallon. And keep in mind, production tax credit is also subject to inflation. And those annual inflation, for example, this year, that's released by the IRS was around 6% and some change. Maybe inflation is not going to be that high next year, but you have to factor that into your math as well. So next year, we're going to have a tangible increase in that 45-day generation from where we are today.

因此，明年我們將積極推動無ILOC和其他脫碳策略，希望油價能接近每加侖1美元。另外要注意的是，生產稅收抵免也會受到通貨膨脹的影響。例如，今年美國國稅局公佈的年度通貨膨脹率約為 6% 多一點。明年的通貨膨脹率或許不會很高，但你也必須把這一點考慮進去。所以明年，45 天週期的產品數量將會比現在有顯著成長。

Does that help?

這樣有幫助嗎？

Yeah. That definitely helps. That definitely helps. Well, that's also going to help your cash flow. So congratulations on the progress.

是的。那肯定很有幫助。那肯定很有幫助。這也有助於改善你的現金流。恭喜你的進展。

It's an interesting game, isn't it, Craig? I mean it's like the world, we did good. Our timing was good, and we're learning how to sell this carbon being having a real carbon product to figure out a real tangible thing where it's actual tonnes. And then what does it mean in terms of CI score, how do you monetize tax credits.

這遊戲挺有意思的，對吧，克雷格？我的意思是，就像世界一樣，我們做得很好。我們的時機把握得很好，我們正在學習如何銷售這種碳，擁有真正的碳產品，弄清楚一個真正有形的東西，那就是實際的噸數。那麼，就CI評分而言，這意味著什麼？如何將稅收抵免貨幣化？

One of the things that is different from what we're doing from what I think everyone else is doing, we're selling them directly. Leke's team has done an outstanding job of interfacing directly with the purchasers of these carbon credits. We're not going to a broker where the broker has to go figure it out later.

我們與其他公司不同的地方之一在於，我們是直接銷售的。Leke 的團隊在與這些碳信用的購買者直接對接方面做得非常出色。我們不會去找那種需要經紀人事後解決的經紀人。

Our stuff is done from -- based on real CI scores audited by multiple parties, stuff that's based on carbon that's gone down a hole. And then Leke has been able to strike really good deals, getting good value. When he says -- remember, it's a 67 million gallon plant, and he's talking about $1 a gallon, the maximum value you can get is about $1 a gallon from the 45Z. So we are one of the lowest CI score plants under the 45Z Big Beautiful Bill. And it looks like we're in a really good position. That's an awesome thing.

我們的產品是基於經過多方審核的真實 CI 評分，基於已經進入地下的碳排放。而萊克也達成了許多非常划算的交易，獲得了很高的性價比。他說－記住，這是一個年產6700萬加侖的工廠，而他談論的是每加侖1美元，那麼從45Z型汽油中你能得到的最大價值大約就是每加侖1美元。因此，我們是 45Z 大美法案下 CI 得分最低的工廠之一。看來我們處境非常有利。那真是太棒了。

And this is before we've done anything around decarbonization of the energy at the plant. It's just that it's a very efficient plant. It is not taking into account agricultural practices like so many people talk about, it's not taking that into account. It's just well run, a great sequestration plant. We're good -- our team is good at capturing carbon, putting it down a hole.

而且這還是在我們尚未對工廠能源進行任何脫碳措施之前。它只是一種非常有效率的植物而已。它沒有考慮到很多人談論的農業實踐，它沒有把這一點考慮進去。它運作得非常好，是一個很棒的碳匯工廠。我們很擅長——我們的團隊擅長捕獲碳，並將其註入地下。

So maybe I can ask another question, right? Red Trail, what did they do right on the commissioning of their well? There's another well that was supposed to be testing, maybe commissioned. It's another Class VI well for, I guess, the third guy that's supposed to be on, but they've been late. And they're not eager to confirm that there's a ribbon cutting on Wednesday, right?

那我或許可以再問一個問題，對吧？紅徑公司在水井啟用過程中做對了什麼？還有另一口井，原本應該是進行測試，或許已經投入使用了。我猜這是第三個應該上井的六級井，但他們遲到了。他們似乎不急於證實週三會有剪綵儀式，對吧？

You guys have brought up your well, generated credits consistently off it, and obviously had pretty clean execution. What did Gevo really do -- what did Red Trail really do right, the team at Gevo now that allowed you to execute consistently?

你們已經開發了自己的油井，並持續從中獲得了收益，而且顯然執行得非常出色。Gevo 究竟做了什麼？ Red Trail 團隊究竟做對了什麼？是什麼讓 Gevo 現在的團隊能夠持續有效率地執行任務？

Yeah. Chris, would you want to go ahead and explain this? Yes, go ahead explain the fascinating story.

是的。克里斯，你願意解釋一下嗎？是的，請繼續講述這個引人入勝的故事。

Well, okay, let me tell you that it starts with the former CEO of Red Trail, a guy by the name of Gerald Bachmeier, who really led that. And he -- earlier in his career, he did oil and was involved in drilling. So he -- I would argue he knew how to pick the right contractors to do the work. And they really focused on doing good quality execution because the guys that ran that plant, including Gerald, were boots on the ground, get or done guys that know how to get things done and know how to get things done well. And so that's really the nation that really led to doing that well. So.

好吧，讓我告訴你，這一切都要從 Red Trail 的前任執行長 Gerald Bachmeier 開始，是他真正主導了這件事。在他職業生涯早期，他從事石油行業，參與鑽井工作。所以——我認為他知道如何挑選合適的承包商來完成這項工作。他們非常注重高品質的執行，因為管理那家工廠的人，包括傑拉德在內，都是腳踏實地、務實肯幹的人，他們知道如何把事情做好，也知道如何把事情做好。所以，正是這個國家真正把這件事做好了。所以。

So what you got here is, remember, up in that area, you got farmers and -- remember, Red Trail was a co-op, big giant co-op, 900-plus members. But corn guys are oil guys and vice versa up there. And so it's a very -- it's actually a wonderful place to have a plant like this who you're trying to work with the petrochemical industry. And the guys are big farmers anyway. And so everybody cooperates.

所以你在這裡看到的是，記住，在那片地區，有農民，而且——記住，紅徑是一個合作社，一個巨大的合作社，有 900 多名成員。但玉米種植者和石油種植者在那裡是相通的，反之亦然。因此，對於一家與石油化學工業合作的工廠來說，這裡實際上是一個非常棒的地方。而且他們本來就是大型農場主人。於是大家都互相合作。

And so they have a lot of expertise about how to drill wells. That's what Gerald was about and knowing how to do it. And he definitely had his own way of going about it that was different than what was being sold to others. That I've been told over and over again, and I believe it to be true. And so that's why I think we didn't have the problems that other people have seen.

因此，他們在鑽井方面擁有豐富的專業知識。這就是傑拉德的為人，而且他知道如何做到這一點。而且他肯定有自己獨特的做事方式，這與當時市面上銷售給其他人的方式截然不同。這一點我反覆聽過，而且我相信這是真的。所以我覺得這就是為什麼我們沒有遇到其他人遇到的問題的原因。

Understood. Well, we don't have to talk about those problems. I will say congratulations for your success.

明白了。好吧，我們不必談論那些問題。我要祝賀你取得成功。

(Operator Instructions)

（操作說明）

Peter Gastreich, Water Tower Research.

Peter Gastreich，水塔研究。

Congratulations on your results. The partnership that you've discussed with Frontier is certainly very interesting. It looks like it presents a lot of opportunities for you. The Summit pipeline has obviously been very, very quiet. Just curious, if we look at Frontier entering this market, are they coming in as a potential competitor here to Summit?

恭喜你取得好成績。您與 Frontier 討論的合作事宜確實非常有趣。看起來這會為你帶來很多機會。Summit輸油管計畫顯然一直非常非常平靜。我只是好奇，如果 Frontier 進入這個市場，他們會成為 Summit 的潛在競爭對手嗎？

Or should we think of Frontier more as being complementary and maybe focusing on the ethanol plants that are not on that pipeline route? Like how should we think about this entry into the market?

或者我們應該把 Frontier 看作是補充性的，並可能專注於那些不在該管道路線上的乙醇工廠？我們該如何看待這次進入市場？

Paul, go ahead and take that on, please.

保羅，請你承擔這項工作吧。

Yeah, Peter, no, great question. I think it's -- if you look at what we had in -- Frontier really had in the announcement, they talk a lot about how many plants are kind of stranded. They don't have access to geological sequestration. They don't have access to pipelines today. So I think that's really the first and foremost market because, like Pat said, CO2 is transported by rail all the time.

是的，彼得，問得好。我認為——如果你看看我們在公告中提到的內容——Frontier 在公告中確實談到了很多關於有多少工廠處於停滯狀態的問題。他們無法進行地質封存。他們目前無法使用輸油管。所以我認為這才是最重要的市場，因為正如帕特所說，二氧化碳一直都是透過鐵路運輸的。

So this gives those plants that optionality. And basically, so now you think about you either have the right geology, you may have access to a pipeline or if you don't, now you've got a rail opportunity to go to a sequestration site like what they have in Wyoming and we have in North Dakota.

這樣就賦予了這些植物這種選擇權。所以基本上，現在你可以考慮，要么你擁有合適的地質條件，要么你可以鋪設管道；如果沒有合適的地質條件，現在你就有機會通過鐵路將天然氣輸送到像懷俄明州和北達科他州那樣的封存地點。

Okay. Got it. Just a second question about overseas markets. Could you talk a bit more about the agreement that you've ventured with Haush in Europe and the ethanol to jet facilities. With the SAF feedstock restrictions in Europe, what's the strategy there? And also just curious broadly your traction in overseas markets and where you see the best prospects there?

好的。知道了。關於海外市場，我還有第二個問題。您能否再詳細談談您與 Haush 在歐洲開展的合作協議以及乙醇製噴射燃料設施？歐洲對永續航空燃料原料有所限制，那麼因應策略是什麼？另外，我還想了解貴公司在海外市場的整體發展情況，以及您認為哪些市場前景最好？

Paul, go ahead and take that one again.

保羅，你再拍一次。

Yeah, sure. Haush is an interesting company that we really have enjoyed working with. And they've got a good focus. They're a hydrogen company fundamentally. And so as we're trying to find the right combination of sites and feedstocks, we think we've got a good partner.

當然可以。Haush是一家很有趣的公司，我們和他們合作得非常愉快。而且他們目標明確。他們本質上是一家氫能公司。因此，當我們努力尋找合適的場地和原料組合時，我們認為我們找到了一個不錯的合作夥伴。

When we think about the feedstock, right, there are limitations. So we do need to think about ReFuelEU doesn't allow corn ethanol, crop-based fuels to qualify. So we are looking at sources -- carbohydrate sources still for ethanol, obviously, but they come from waste and residue-type feedstocks that will qualify for those markets. So that's kind of where we're focused. Those exist.

當我們考慮原料時，就會發現存在一些限制。因此，我們確實需要考慮 ReFuelEU 不允許玉米乙醇等農作物燃料獲得認證。所以，我們正在尋找原料——顯然，乙醇仍然需要碳水化合物原料，但它們來自廢棄物和殘渣類型的原料，這些原料符合這些市場的要求。所以，這就是我們目前關注的重點。這些確實存在。

We have a whole team that's taking a look at that. And then the question really comes down to what are the economics and the netbacks from Europe versus North America. But like Chris said, we really see ATJ-30 as a global business. So even not just Europe, this is like where can we find the right carbohydrate feedstocks. Ethanol is ubiquitous. And so it's really about how do we have a plan and then have the right partners in those geographies that we can execute.

我們有一個專門的團隊在研究這個問題。那麼問題就真的歸結為：歐洲與北美的經濟效益和淨收益分別是多少？但正如克里斯所說，我們確實將 ATJ-30 視為一項全球性業務。所以，這不僅僅是歐洲的問題，而是我們在哪裡可以找到合適的碳水化合物原料的問題。乙醇無所不在。所以關鍵在於我們如何制定計劃，然後在這些地區找到合適的合作夥伴來執行計劃。

That concludes today's question-and-answer session. I'd like to turn the call back to Patrick Gruber for closing remarks.

今天的問答環節到此結束。我想把電話轉回給派崔克·格魯伯，請他作總結發言。

Yeah. One of the interesting things, if I would encourage people to take a look at the growth of the jet fuel demand out to the future. It's quite interesting in that it's continuing to increase here in the US and around the world. Refining capacity, however, is not increasing and not here in the US. In fact, it's decreasing. There's only a finite amount of jet fuel in a barrel.

是的。我覺得有趣的一點是，我鼓勵大家注意一下未來航空燃油需求的成長。有趣的是，這種情況在美國乃至全世界都在持續成長。然而，煉油產能並沒有增加，至少在美國是如此。事實上，它正在減少。一桶航空燃油的量是有限的。

This means that there's going to be a shortage of jet fuel here in the US, a shortage -- incremental shortage, but it adds up to big numbers of about 2.4 billion gallons a year by about 2024, we have to do something different, bring it in, import it or make it through alternative sources. You'll find that, if anyone does start searching and looking at this, you'll find that the world predicts that everything is going to be fulfilled with SAF. And SAF, of course, is jet fuel plus its carbon, but think of it as just jet fuel.

這意味著美國將會出現航空燃油短缺，雖然是逐步短缺，但到 2024 年左右，每年的短缺量將達到約 24 億加侖。我們必須採取不同的措施，例如引進、進口或透過其他途徑生產。你會發現，如果有人開始搜尋和研究這個問題，你會發現全世界都在預測所有事情都將透過 SAF 來實現。當然，SAF 是航空煤油加上其碳，但你可以把它想像成航空煤油。

And so the question is, will all that get built really and you look at these projections, and it's already behind schedule everywhere in the world. That means jet fuel price is likely to go up and likely the US will have to import more jet fuel. With this administration, they're not big on importing products, and we can make them domestically.

所以問題是，所有這些項目真的都能建成嗎？看看這些預測，世界各地都已經落後於計畫了。這意味著航空燃油價格可能會上漲，美國可能必須進口更多航空燃油。本屆政府不太熱衷於進口產品，而且我們自己就能在國內生產。

Remember our premise, we can -- because we get netbacks of value from the coproduct of carbon because we get netbacks from protein and the oil, the corn oil, we can deliver cost competitive jet fuel to the marketplace, cost competitive with petrol, pretty fascinating. 2.4 billion gallons, remember, is more like 70 plants needed in the US over the next decade. Well, that's a target-rich environment.

記住我們的前提，我們可以——因為我們能從碳的副產品中獲得淨收益，因為我們能從蛋白質和油（玉米油）中獲得淨收益——向市場提供具有成本競爭力的航空燃料，其成本競爭力可與汽油媲美，這非常令人著迷。記住，24億加侖的產量，相當於未來十年美國需要70座工廠才能生產。嗯，那可是個充滿目標人物的環境。

That's what we're looking at here. That's what makes it interesting and why we don't lose track of those ATJ plants. We can use more ethanol, we can use more corn and it makes huge job growth and improves energy security. It's a good overall practical story of doing cost competitive energy delivered to the marketplace as an alternative.

這就是我們現在所看到的。正因如此，它變得有趣，也正因如此，我們才不會忘記那些 ATJ 工廠。我們可以使用更多的乙醇，可以使用更多的玉米，這將帶來巨大的就業機會，並提高能源安全。這是一個總體上非常實際的例子，講述瞭如何以具有成本競爭力的方式向市場輸送能源，作為一種替代方案。

And do I think that we'll wind up building 70 plants? No, that's not. The ethanol industry did it when they blew -- when they went big, when ethanol did their boom between, what, 2007, 2012, they did more than that. So it's possible to do. But for us, realistically, no. I'll just take a bite of that though, that would be great. And then we can do the same thing around the world.

那你覺得我們最後會蓋70座工廠嗎？不，並非如此。乙醇產業在蓬勃發展時期取得了巨大成功——在 2007 年至 2012 年乙醇產業蓬勃發展的時期，他們的成就遠不止於此。所以這是可以做到的。但對我們來說，現實地說，不是。不過我就咬一口吧，那太好了。然後我們就可以在世界各地做同樣的事情。

That's what's in front of us. We've got a great platform, Gevo North Dakota. This acquisition turned out better than we ever expected. We have cash flow coming. It's good to see. We can expand it. And then we have this huge opportunity and platform along with all of our intellectual property and designs around the jet.

這就是我們眼前面臨的情況。我們有一個很棒的平台，Gevo North Dakota。這次收購的結果比我們預期的還要好。我們有現金流。很高興看到這一點。我們可以擴大它。然後，我們擁有了一個巨大的機會和平台，以及我們圍繞這架噴射機的所有智慧財產權和設計。

One of the last comment around ATJ that I'll mention because I think it's relevant to the questions that we get in the marketplace is that in technology ready in a sense, every single step that we're planning on deploying at our -- at ATJ-30, every one of them is proven commercially already in this world, technology-ready level as nine for all the steps. That's different than anyone else's ATJ technology.

關於 ATJ，我最後要提一點，因為我認為這與我們在市場上收到的問題有關，那就是在技術上已經準備就緒，我們計劃在 ATJ-30 部署的每一個步驟，每一個步驟都已經在商業上得到驗證，技術準備就緒程度為 9 級。這與其他任何人的ATJ技術都不同。

Thank you all for joining us. I appreciate it. Thanks for all your support. I'm proud of my team, proud of what we've done. Thank you.

感謝各位的參與。謝謝。感謝大家的支持。我為我的團隊感到驕傲，為我們所取得的成就感到驕傲。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。